Retirement and NYC real estate

From Luxury Listings NYC: One of the biggest aspects of retirement planning is figuring out what to do with real estate. In New York City, the equation is often exacerbated by the sheer value of the housing here, where a one-bedroom apartment can sell for $1 million or more. How do you pass along something like that to your heirs with minimal taxes? What about downsizing to a smaller place? And what about that second (or third) home, post-retirement? [more]